Oil surged on subsided fear over Omicron

International benchmarks for crude oil surged nearly 5% on Monday, 6 December 2021 as the severity of the new coronavirus variant Omicron slowly comes to light. Besides, Iranian oil exports are expected to remain restricted as the nuclear accord talk broke off last week.

Brent jumped $3.20 or 4.6% to close at $73.08/barrel. 

WTI rose $3.23 or 4.9% to close at $69.49/barrel.